Tankers: 40% of the Global Seaborne Crude Oil Exports Affected by the War in the Middle East in Hellenic Shipping News 21/03/2026 The turmoil in the global tanker and energy markets from the current crisis in the Middle East could soon lead to a global issue, with 40% of total seaborne crude oil exports affected. In its latest weekly report, shipbroker Banchero Costa said that “in Jan-Dec 2025, global crude oil loadings went up by +2.0% y-o-y to 2223.8 mln tonnes, excluding all cabotage trade, according to vessels tracking data from LSEG. This year started even better, with global crude oil loadings in Jan-Feb 2026 up by +6.3% y-o-y to 362.5mln tonnes. Exports from the Arabian Gulf were up by +2.7% y-o-y to 142.6 mln t in JanFeb 2026, accounting for 39.3% of seaborne crude trade. From South America, exports increased by +30.1% y-o-y to 41.8 mln t, with a share of 11.5%. Exports from Russian ports (including oil of Kazakh origin) declined by -4.7% y-o-y in Jan-Feb 2026 to 34.3 mln tonnes, or 9.5% of global trade. From the USA, exports volumes declined by -3.8% y-o-y at 29.1 mln t in Jan-Feb 2026, an 8.0% share. From South East Asia exports increased by +56.7% y-o-y to 20.9 mln t in Jan-Feb 2026 (but this inevitably also reflects changes in the re-export of Russian origin volumes)”. Source: Banchero Costa According to Banchero Costa, “in terms of demand, the top seaborne importer of crude oil in Jan-Feb 2026 was Mainland China, accounting for 24.0% of global trade. Volumes into China increased by +18.7% y-o-y to 87.7 mln t in Jan-Feb 2026. Imports to the EU27 declined by -1.7% y-o-y to 73.4 mln t, accounting for 20.1% of global trade. To ASEAN, imports increased by +1.2% y-o-y to 42.6 mln t (again this includes Russian volumes later reexported elsewhere in Asia). To India, volumes increased +6.9% y-oy to 41.8 mln t in Jan-Feb 2026”. “The Arabian Gulf countries (including Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, Iraq and Iran) are the single largest seaborne exporter of crude oil in the world. In 2025 they accounted for 39.7% of global seaborne crude oil exports. In the 12 months of 2025, seaborne crude oil exports from AG countries increased by +1.8% to 883.9 mln tonnes, excluding cabotage, after declining by -0.8% y-o-y in 2024. In Jan-Feb 2026, Arabian Gulf crude exports increased by +2.7% y-o-y to 142.6 mln tonnes, from 138.8 mln t in the same period of 2025. About 87.3% of volumes loaded in the AG countries in Jan-Feb 2026 were carried in VLCCs, 10.2% were carried in Suezmaxes, and 2.2% in Aframaxes. These proportions increased in recent years in favour of the largest tankers, as Suezmaxes and Afras were diverted to carry more Russian cargoes. The main crude oil export terminals in the AG are: Ras Tanura (46.7 mln tonnes, or 32.8%, in Jan-Feb 2026), Basrah (27.1 mln t, or 19.0%), Mina al Ahmadi (10.2 mln t, or 7.1%), Zirku Island (9.2 mln t), Fujairah (8.2 mln t), Mina al Fahal (7.6 mln t), Yanbu (6.2 mln t), DasIsland (5.1 mln t)”, the shipbroker said. Source: Banchero Costa Banchero Costa added that “in terms of destinations for crude oil shipments from the AG, the focus in recent years has clearly shifted to Asia. In Jan-Feb 2026, the top destination was Mainland China, accounting for 23.2% of the total AG crude exports, followed by India with 16.3%, ASEAN with 15.5%, Japan with 11.5%, South Korea with 9.9%. Direct shipments to the USA now account for just 3.0% of AG exports, and direct shipments to the European Union for jus